Plans for a second bank in Annandale are moving forward. Harold “Harry” Wahlquist, seasonal Annandale resident and the owner of Star Bank, said last week that he and his group of shareholders plan to break ground for a federal savings bank in the coming weeks. The bank will be located on Highway 55 East between the Allina Clinic and Annandale Eye Clinic buildings. In October, Wahlquist announced plans to charter a national bank in Annandale, but he has withdrawn that request from the FDIC and the Comptroller of Currency. Instead, Midwest Bancorporation, Inc., the holding company for Star Bank, has announced that it is filing applications with the federal Office of Thrift Supervision to convert from a national bank to a federal savings bank. “The boards of directors of MidWest (Bancorporation, Inc.) and Star Bank have determined that a federal savings bank charter will optimize Star Bank’s strategic plan for growth, geographic expansion, and excellent service to its small business, agricultural and homeowner customers,” Wahlquist said in a release. Consumers will not notice virtually any differences in the services provided by a federal savings bank, Wahlquist said. Like state and national banks, each depositor is insured by the FDIC for up to $100,000. Star Bank is a $90 million-asset financial institution headquartered in Bertha in Todd County. It has six offices in central Minnesota and a loan production office in Hopkins. Wahlquist bought the First National Bank of Bertha (Star Bank) in the late 1980s. It was originally chartered as a national bank in 1904. He recognized Star Bank’s century-long association with the Comptroller of Currency as a national bank and expressed his “sincere appreciation for the years of professional service from examiners and staff.” Wahlquist said the conversion process will take a few months but he doesn’t anticipate any delays. Depending on final regulatory approval, Star Bank plans to open in October or November. He said the new bank will have a drive-through, five to six employees and be called Star Bank. Brian Williams, former president of the Alexandria office of U.S. Bank, has been hired to manage the Annandale office. Williams and his family are moving to Annandale. Wahlquist, Edina, has been coming to Wright County since the 1950s when his parents had a cabin on Bass Lake. Today, he has a home on Lake Sylvia. “Wright County and Annandale in particular have been an integral part of my life since I was 12,” Wahlquist said in October.
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